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Bank of England cuts inflation forecast in 'unforgiving' environment

Central Bank's Monetary Policy Committee votes 9-0 to keep interest rates on hold

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NO CUT NOW: Mr Carney discounts the idea of a rate cut this year, and said that 'more likely than not', the next move will be a hike from the current record low of 0.5 per cent.

London

BANK of England (BOE) governor Mark Carney has cited a turbulent global economy as the reason the central bank is cutting its inflation forecast once again.

Inflation will average just 0.8 per cent this year, and climb to the 2 per cent target only in 2018, he said.

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